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As competition for deals intensifies, a rising number of private equity firms are appointing dedicated business development heads, reports The Deal. Kenna Baudin of Egon Zehnder’s private equity practice notes that specialist functions like head of business development tend to emerge when private equity firms expand. In her experience, the business development role is more common in lower middle market and middle market private equity firms. "These firms often uncover opportunities by going to conferences, meeting with founders and developing relationships with entrepreneurs," explains Baudin. Whenever large private equity firms are closing multi-billion dollar deals, "There's almost always a banker involved," notes Baudin.